Yet the Vix has approached the levels not seen since 2007. (Or a level of complacency not seen since the great mortgage manipulation.)
The combo is allowing for markets to be at all time highs, while at elevated multiples.
I wish I was smart enough to understand but I don't. And it scares me.
The complacency could be a consequence of central bank activity, but the lower rates are coming at a time when the Fed has cut its purchases by quite a bit. So it may suggest a far more slower US economy, in concert to a slower global economy. This is in contradiction to what the SP500 earnings estimates (for q2-q4) are projecting.
So yeah, the equity market is acting pretty healthy, but with complacency and fear at the same time.